Glass-Steagall - Banking regulation discussion

[chimpburgers]

For any econ spergs on here, you probably already know what it is. I've been thinking about this lately and how under Bill Clinton's administration, the Glass-Steagall Act was repealed. It was a means of keeping investment banks separate from commercial banks and was a measure taken after the 1929 stock market crash and at the start of the Great Depression. I am of the opinion that repealing this act was a major mistake and helped culminate in the 2008 financial crisis. While we don't need to have the exact same set of regulations revived, I think cracking down on these areas and providing a better way of organizing the banking system is a must if we are to avoid another crisis as bad as 08's.

I just want to see what your thoughts are on this and if you agree or have alternative solutions to the problem.

I was gonna also get into talking about NAFTA and GATT in this thread, but that might be a whole other discussion on its own.

 

[Takayuki Yagami]

I'm still waiting for the other shoe to drop on this one. Investment bankers aren't especially known for being careful with other people's money.

 

[AnOminous]

While we don't need to have the exact same set of regulations revived, I think cracking down on these areas and providing a better way of organizing the banking system is a must if we are to avoid another crisis as bad as 08's.

The opportunity to do this was lost thanks to Obama's cowardice. There won't be another chance until another meltdown, probably even worse than 2008 since the perps completely got away with that.

 

[Splendid]

I just want bullshit laws that fuck with my ability to do shit with my retail bank to go away.